Allstate’s enterprise wide focus on innovation has reached what’s been called the moment of truth for insurers: The time when a claim is paid.

The company’s newly launched Fast Mobile e-Payment method is faster than even electronic funds transfer, Allstate claims. Created through a partnership with Bank of America Merrill Lynch, the digital disbursement method allows customers to collect payments with only a mobile phone number or e-mail address.

See also: The Connected Home Disconnect: The Hurdles of Having a Truly Smart Home

“The Fast Mobile e-Payment option is available to our customers, claimants and vendors,” Allstate Claims VP Shawn Broadfield tells Insurance Networking News. “We wanted to be able to offer more options for claim payments and speed up the overall payment process. Fast Mobile e-Payment allows us to get the spendable funds out faster than any current method.”

Customers who opt into Fast Mobile e-Payment must provide their phone number or e-mail address, perform a one-time registration and will have funds deposited into their account nearly instantaneously. The option is available for any kind of claim, as long as there is only one payee.

In association with the new launch, Allstate has branded all its claims payments methods into a portfolio called Allstate ExpressPay.

“That includes all of our previous methods like direct deposit or check and it will also include any future innovations in the payment space for us,” Broadfield adds. “We continue to innovate in this area and you’ll hear more from us soon on that.”

With innovation a major focus area for Allstate, the sky is the limit for payment speed, Broadfield said.

“The question ‘how much faster can you get?’ is similar to one we used to ask: ‘How much more data can we get on a digital camera chip?’ he explains “Just 10 to 15 years ago, we were amazed at 500 MB. That’s the great part about innovation – it gets better and faster over time.

Register or login for access to this item and much more

All Digital Insurance content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access